New work group formed in U.S. to push trading of RMB

A working group on U.S. RMB trading and clearing has been set up in the New York City with former NYC mayor and business tycoon Michael Bloomberg serving as the group’s chair.

The group will initially include 13 member institutions, with U.S. Chamber of Commerce, Bank of America, and Bank of China among them.

The group said enabling RMB-denominated transactions to be cleared in the U.S. will sharpen the competitiveness of U.S. companies by lowering transaction costs, and bring about direct benefits to the U.S. economy.

The move comes weeks after Chinese President Xi Jinping paid a state visit to the U.S., when both Xi and President Obama agreed to further deepen financial cooperation between the two countries.

Leave a Comment